Consumer Data Management and Privacy
Fintech Credit Provider, Tala, Gets Nod from ODPC to be a Data Controller in Kenya
Tala, the financial technology company building the world’s most accessible financial services, is now a registered data controller in Kenya. Due to Tala’s strong data practices, policies and processes, it has received the green light from the Office of Data Protection Commissioner (ODPC), to control the processing of personal data, determine purpose, means of processing that data and can instruct another legal, certified and regulated entity or third party to process data on our behalf.
While acknowledging the accreditation, Tala’s General Manager, Munyi Nthigah reiterated that the company, being a digital first financial institution, only asks for data legitimately needed for consumers to access Tala products such as loan underwriting, and provides full disclosure as to how it uses customer’s data in its privacy policies. All information Tala collects during the application process is used exclusively to verify the customer’s identity and build their credit profile. Tala never shares or sells customers’ personal information with third parties except towards those ends, and with express customer permission.
“This is a great milestone for our company, especially as we diversify our product portfolio and expand across markets. I would like to emphasize that at the core of Tala’s consumer data protection policies are the safeguards, security measures and mechanisms we have implemented to protect personal data, so that we are able to swiftly react to any potential data breach. It is also important that we inform our consumers that they have the right to request for access to, clarification, restriction, rectification, or deletion of their personal data from our records, and our Customer Experience Team is committed to responding to such requests promptly, and within the timelines provided for by the Data Protection Act ” continued Mr. Nthigah.
Mrs. Nicola Muriuki, Tala’s Legal Director closed by urging the Company’s 3.5 million customers to take the time to familiarize themselves and understand their data rights as Kenyans on the ODPC’s website, and as Tala customers via Tala’s App Privacy Notice, available In-App on on Tala’s website.
Nearly 3 billion people globally are underserved by the formal financial system, with little to no options to support their financial agency and independence. Tala leverages mobile technology and data science to serve the people that traditional financial institutions can’t or won’t help, to better use, protect, and grow their money, so they can pursue whatever matters most to them. Tala’s award-winning consumer finance app is available to anyone with an Android phone in Kenya, the Philippines, Mexico, and India.
Tala is a global technology company building the world’s most accessible financial services. More than 6 million people across Kenya, the Philippines, Mexico, and India, have used Tala products to start and expand small businesses, manage day-to-day needs, and pursue their financial goals with confidence. Tala has raised more than $350 million from visionary investors including Upstart, the Stellar Development Foundation, RPS Ventures, the J. Safra Group, IVP, Revolution Growth, Lowercase Capital, and PayPal Ventures. Tala.co